GBP/USD consolidates in a range above 1.2400 mark, UK Supreme Court ruling in focus

• Remains depressed amid a follow-through pickup in the USD demand.
• Investors stayed on the sidelines ahead of the UK Supreme Court ruling.

The GBP/USD pair extended its sideways consolidative price action on Tuesday and remained confined in a narrow trading band, just below mid-1.2400s through the early European session.
 
The pair stalled its recent corrective slide from two-month tops and managed to find some support ahead of the 1.2400 round-figure mark, albeit struggled to regain any meaningful traction. Given that the recent optimism over softer Brexit might have already dissipated, the prevalent buying interest surrounding the US Dollar prompted some follow-through long-unwinding on Monday.

Focus remains on Brexit

As investors still await signs of progress in the US-China trade negotiations, the recent escalation of geopolitical tensions in the Middle East and a raft of downbeat Euro-zone PMI prints on Monday added to the recent concerns about global economic growth and provided a goodish lift to the greenback's relative safe-haven status against its British counterpart.
 
The downside, however, seemed limited, at least for the time being, ahead of the UK Supreme Court Ruling on whether the UK Boris Johnson acted unlawfully when he suspended parliament just weeks before Brexit. The ruling may further complicate Johnson's plans to lead the UK out of the European Union on October 31 and seemed to be the only factor holding investors from placing any aggressive bets.
 
Hence, it will be prudent to wait for a sustained move in either direction before traders start positioning for any meaningful intraday momentum. Later during the early North-American session, the US economic docket - highlighting the release of Conference Board's Consumer Confidence Index - might influence the USD price dynamics and further contribute towards producing some meaningful trading opportunities.

Technical levels to watch